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5. On 25 May, Cheap Shoes, Inc. borrows $80,000 from a Big Bank at 13%, for 75 days. Cheap Shoes closes it books on 30

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5. On 25 May, Cheap Shoes, Inc. borrows $80,000 from a Big Bank at 13%, for 75 days. Cheap Shoes closes it books on 30 June. Record the adjusting entry for 30 June AND then record the repayment of the loan as stipulated.(calculate interim totals to 5 decimal places, then final answers to 2 decimal places)

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